EUR Declined Against The Dollar After ECB Left Policy Unchanged
- Trade Magnates Team
- Dec 14, 2017
- 1 min read
Trade Magnates - The EUR depreciated against the US dollar on Thursday after the ECB kept the monetary policy statement unchanged. Also, the European Central Bank left its asset purchase target (QE) at €30 billion until Sept 2018 or beyond if needed.
ECB President Mario Draghi confirmed that the bank left interest rates on hold on Thursday and added that it will leave them at current levels for an extended period.
EURUSD was trading near 1.1800 level, down 0.19% for the day while the euro was lower against the pound, with EURGBP trading at 0.8807 mark.
The ECB president Draghi sees price growth slowly increasing over the coming years and hitting 1.7% in 2020, the 2%. growth next year is now seen at 2.3% versus an earlier forecast of 1.8%.
On another note, the Bank of England left interest rates unchanged after its meeting earlier in the day, just a month after the first-rate hike in nearly a decade.